Insider Selling: Eos Energy Enterprises (NASDAQ:EOSE) Insider Sells 14,998 Shares of Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) insider Michael Silberman sold 14,998 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $88,038.26. Following the completion of the sale, the insider owned 298,277 shares of the company’s stock, valued at approximately $1,750,885.99. The trade was a 4.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Eos Energy Enterprises Stock Performance

Shares of NASDAQ EOSE traded down $0.20 during trading on Tuesday, hitting $5.89. 33,894,379 shares of the company were exchanged, compared to its average volume of 25,161,453. The company has a fifty day moving average price of $7.32 and a 200-day moving average price of $9.40. The firm has a market capitalization of $2.00 billion, a PE ratio of -0.88 and a beta of 2.62. Eos Energy Enterprises, Inc. has a 12-month low of $4.37 and a 12-month high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.34. The firm had revenue of $56.96 million for the quarter, compared to analyst estimates of $54.32 million. Research analysts anticipate that Eos Energy Enterprises, Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. B. Riley Financial lowered their price objective on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, March 5th. Wall Street Zen raised Eos Energy Enterprises from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. Finally, TD Cowen boosted their price objective on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.94.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rubric Capital Management LP acquired a new position in Eos Energy Enterprises during the third quarter worth $117,317,000. Vanguard Group Inc. raised its holdings in shares of Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after buying an additional 3,080,012 shares during the period. Engineers Gate Manager LP purchased a new position in Eos Energy Enterprises during the 2nd quarter valued at about $11,840,000. Vaughan Nelson Investment Management L.P. purchased a new position in Eos Energy Enterprises during the 4th quarter valued at about $22,330,000. Finally, Renaissance Technologies LLC acquired a new position in Eos Energy Enterprises in the 1st quarter valued at about $9,152,000. Hedge funds and other institutional investors own 54.87% of the company’s stock.

About Eos Energy Enterprises

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company’s core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company’s flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.